OCC Exposes Debanking Practices at Major U.S. Banks
- The Office of the Comptroller of the Currency (OCC) found all nine major banks had policies restricting access to financial services from January 2020 through September 2025.
- JPMorgan’s WePay closed a Trump merchandise seller’s account in February 2021, citing violations of its terms of service.
- The OCC identified debanking practices affecting industries such as firearms, energy, and digital asset businesses.
- Some banks imposed internal social standards on lawful firearms businesses, affecting magazine capacity and sales to customers under age twenty-one.
- Comptroller Jonathan V. Gould stated that reputation risk policies led to discrimination against customers and lawful businesses.
The OCC’s investigation into America’s largest banks revealed that subjective reputation risk policies led to the denial of banking services based on political beliefs and industry affiliations. The report highlighted inconsistencies in how these risks were applied, with some wealthy clients retaining services despite negative publicity.
Despite policy revisions by banks, the OCC warned that voluntary changes might not suffice, emphasizing the need for fair access to financial services for all customers. (Source)
